Item 2.01. Completion of Acquisition or Disposition of Assets.
On March 8, 2016, Strategic Realty Trust, Inc. (the "Company"), through a joint
venture with an unaffiliated third party, acquired certain property located at
3032 Wilshire Boulevard and 1210 Berkeley Street in Santa Monica, California
(the "Wilshire Joint Venture Property"). On August 10, 2022, the due diligence
period expired under the Purchase and Sale Agreement and escrow instructions for
the sale of the Wilshire Joint Venture Property by and between the Company and
GD Realty Group Inc., an unrelated third party.
On October 11, 2022, the Company consummated the disposition of the Wilshire
Joint Venture Property for $16.5 million in cash, before customary closing and
transaction costs. In connection with the disposition of the Wilshire Joint
Venture Property, the Company repaid the construction loan from ReadyCap
Commercial, LLC in the amount of $12.7 million, which loan was secured by a
first Deed of Trust on the Wilshire Joint Venture Property.
Item 9.01. Financial Statements and Exhibits.
(b) Pro forma financial information.
The pro forma financial information of the Company as adjusted to give effect to
the sale of the Wilshire Joint Venture Property is presented in the unaudited
pro forma condensed consolidated financial statements filed as Exhibit 99.1 to
this Current Report on Form 8-K and incorporated herein by reference.
(d) Exhibits
99.1 Unaudited Pro Forma Condensed Consolidated Financial Statements
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses